Michigan SERS — assets, returns and funding
Michigan SERS (Michigan) reported $14.6bn of assets for fiscal year 2024, a one-year investment return of 15.5%, and was 74.4% funded — meaning the assets on hand covered that share of the benefits it has promised.
| Total assets (FY 2024) | $14.6bn |
| 1-year return | 15.5% |
| 5-year return (annualised) | 9.7% |
| 10-year return (annualised) | 8.7% |
| Funded ratio (GASB) | 74.4% |
Alternatives allocation
| Private equity | 21.1% |
| Hedge funds | 9.9% |
| Other alternatives | 0.0% |
Figures as reported for fiscal year 2024 · Data: Public Plans Database (Center for Retirement Research at Boston College / MissionSquare Research Institute / NASRA) — used with attribution under its non-commercial terms · Refresh: quarterly pull, annual figures · Limitations: public plans report with a lag — FY figures arrive months after year end; returns are as reported by the plan, net/gross basis varies by plan
Compare: all tracked plans · how the big Californian plans' private-equity funds actually performed: the LP-reported PE table.